Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$15.79

Daily $ Change

$0.02

Daily % Change

0.13%

as of 06/24/2019

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 05/31/2019

YTD

8.43%

1 Year

4.22%

3 Year

6.10%

5 Year

3.20%

10 Year

8.12%

Inception
(01/01/2000)

6.55%

US Stock Market Cycle (04/01/2000 - 05/31/2019)

6.68%

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 8.97%
TREASURY BONDS 8.02%
GOVERNMENT AGENCY 7.33%
TREASURY BILLS 3.08%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.20%
MICROSOFT CORP 1.65%
MEDTRONIC INC 1.57%
NOVARTIS AG- REG 1.46%
MASTERCARD INC-CLASS A 1.37%
VISA INC - CLASS A SHARES 1.30%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds 59.41%
Stocks 40.45%
Cash 0.14%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities 15.94%
Small Capitalization 0.41%
Mid Capitalization 1.06%
Large Capitalization 23.04%
Long Term Fixed Income 21.49%
Intermediate Term Fixed Income 25.30%
Short Term Fixed Income 12.62%
Cash 0.14%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 14,048.09 $14,188.57
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 359,624.34 $374,772.88
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 664,331.44 $662,411.52
00287Y109 ABBVIE INC US ABBV 153.97 $11,811.22
004239109 ACADIA REALTY TRUST US AKR 248.81 $6,805.06
00507V109 ACTIVISION INC US ATVI 9,267.65 $401,938.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 394,989.83 $407,515.77
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,236.91 $15,778.81
008492100 AGREE REALTY CORP US ADC 153.92 $10,304.63
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 210,634.55 $214,041.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 57.52 $8,421.31
01609W102 ALIBABA GROUP - ADR CN BABA 123.9 $18,493.91
020002101 ALLSTATE CORPORATION US ALL 36.77 $3,512.22
02079K107 ALPHABET INC-CL C US GOOG 551.5 $608,653.04
02079K305 ALPHABET INC-CL A US GOOGL 545.78 $603,903.93
023135106 AMAZON.COM INC US AMZN 151.07 $268,154.33
02319V103 AMBEV SA-ADR BR ABEV 72,034.22 $321,992.97
0237400 DIAGEO PLC GB DGE LN 17,595.4 $740,092.10
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 82,507.93 $82,817.34
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 244.79 $11,338.49
0263494 BAE SYSTEMS PLC GB BA/ LN 3,417.21 $19,535.72
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,523.55 $37,189.76
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 22,852.71 $22,167.13
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 25,848.97 $26,101.31
03027X100 AMERICAN TOWER REIT INC US AMT 1,814.82 $378,879.21
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 9,344.29 $9,435.72
03064D108 AMERICOLD REALTY TRUST US COLD 233.17 $7,298.20
031162100 AMGEN INC US AMGN 68.2 $11,369.74
03748R754 APARTMENT INVT & MGMT CO -A US AIV 454.12 $22,683.43
03784Y200 APPLE HOSPITALITY REIT INC US APLE 433.55 $6,694.04
038222105 APPLIED MATERIALS INC US AMAT 102.95 $3,983.31
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 72.12 $2,763.72
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,027.78 $3,866.67
0405207 HALMA PLC GB HLMA LN 515.42 $11,810.11
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,490.66 $7,003.77
0490656 KERRY GROUP PLC-A IE KYGA LN 209.45 $24,100.27
05278C107 AUTOHOME INC-ADR CN ATHM 192.49 $16,534.62
053484101 AVALONBAY COMMUNITIES INC US AVB 266.62 $54,126.45
054937107 BB&T CORP US BBT 77.11 $3,604.79
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 373,293.94 $378,581.16
05722G100 BAKER HUGHES A GE CO US BHGE 125.99 $2,697.42
060505104 BANK OF AMERICA CORP US BAC 504.95 $13,431.68
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 559,341.68 $577,345.87
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 685.98 $21,381.15
0682538 PERSIMMON PLC GB PSN LN 636.87 $15,842.36
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,939.93 $777,821.68
086516101 BEST BUY INC US BBY 49.8 $3,120.95
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 27,892.78 $20,161.07
0878230 TAYLOR WIMPEY PLC GB TW/ LN 7,561.93 $15,799.50
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,370.81 $277,215.49
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,115.65 $23,438.53
09247X101 BLACKROCK INC US BLK 363.88 $151,212.31
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,467.37 $27,133.14
097023105 BOEING CO US BA 47.1 $16,090.05
09857L108 BOOKING HOLDINGS INC US BKNG 523.88 $867,666.87
101121101 BOSTON PROPERTIES INC US BXP 300.25 $39,282.24
105368203 BRANDYWINE REALTY TRUST US BDN 1,996.88 $30,172.92
110122108 BRISTOL MYERS SQUIBB CO US BMY 169.94 $7,710.23
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 237 $8,216.84
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 378,315.51 $377,285.72
11135F101 BROADCOM INC US AVGO 37.9 $9,536.68
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 19,291.55 $17,314.16
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,878.44 $312,425.60
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 154,216.94 $155,155.75
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 33.62 $2,677.54
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 82,365.08 $84,930.97
12572Q105 CME GROUP INC US CME 1,682.27 $323,197.32
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 335,964.54 $352,337.17
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 370,086.49 $369,623.88
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 177,314.62 $188,066.34
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 391,958.63 $403,596.98
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 132,958.96 $128,681.68
126650100 CVS HEALTH CORP US CVS 140.23 $7,344.03
133131102 CAMDEN PROPERTY TRUST US CPT 73.45 $7,591.34
13321L108 CAMECO CORP CA CCJ 1,287.03 $12,986.12
149123101 CATERPILLAR INC US CAT 58.14 $6,965.78
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 5,507.54 $5,492.62
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 143,447.87 $143,676.37
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 24,817.46 $24,197.02
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 16,577.73 $16,324.09
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 220,630.81 $219,290.14
165240102 CHESAPEAKE LODGING TRUST US CHSP 357.58 $10,287.47
166764100 CHEVRON CORP US CVX 119.22 $13,573.51
17275R102 CISCO SYSTEMS INC US CSCO 351.93 $18,311.10
172967424 CITIGROUP INC US C 147.56 $9,170.99
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 199,177.22 $307,734.65
191216100 COCA COLA CO/THE US KO 12,643.01 $621,150.90
194162103 COLGATE-PALMOLIVE CO US CL 106.82 $7,436.47
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 391.53 $24,028.94
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 525.75 $20,572.54
205887102 CONAGRA BRAND INC. US CAG 81.94 $2,193.63
21036PAM0 CONSTELLATION BRANDS INC 3.87500 11/15/2019 US 193,381.25 $194,304.68
222795106 COUSINS PROPERTIES INC US CUZ 3,102.66 $28,079.06
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 352,896.83 $358,321.91
22822V101 CROWN CASTLE INTL CORP US CCI 169.84 $22,081.19
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 87,960.9 $85,894.43
229663109 CUBESMART US CUBE 310.27 $10,462.45
231021106 CUMMINS INC US CMI 25.94 $3,910.71
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 14,048.09 $14,206.13
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 641.48 $4,670.11
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 4,951.25 $10,325.03
2521800 LOBLAW COMPANIES LTD CA L CN 473.44 $24,295.39
25271C102 DIAMOND OFFSHORE DRILLING US DO 11,230.77 $88,386.16
253868103 DIGITAL REALTY TRUST INC US DLR 193.08 $22,728.87
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 16,798.23 $16,793.23
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 380,941.75 $381,509.99
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 18,824.93 $19,248.49
25960P109 DOUGLAS EMMETT INC US DEI 345.97 $13,939.21
260557103 DOW INC US DOW 81.08 $3,791.37
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 44,858.07 $45,475.77
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 47,006.99 $44,452.16
269246401 ETRADE FINANCIAL CORP US ETFC 3,239.23 $145,117.64
2715777 QUEBECOR INC -CL B CA QBR/B CN 7,144.07 $168,611.80
277432100 EASTMAN CHEM CO US EMN 31.69 $2,057.60
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 9,008.49 $182,955.73
285512109 ELECTRONIC ARTS US EA 4,813.04 $447,997.59
2866857 LUNDIN MINING CORP CA LUN CN 1,017.45 $4,546.75
291011104 EMERSON ELEC CO US EMR 88.05 $5,304.37
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 267,698.17 $301,263.31
29444U700 EQUINIX INC US EQIX 1,106.38 $537,467.02
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 160.01 $19,466.35
29476L107 EQUITY RESIDENTIAL US EQR 630.19 $48,253.53
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 740.2 $15,736.62
297178105 ESSEX PROPERTY TRUST INC US ESS 113.82 $33,206.35
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 609,993.18 $610,894.75
30225T102 EXTRA SPACE STORAGE INC US EXR 110.36 $11,826.05
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 11,664.08 $11,621.35
30261UAJ3 FREMF 2013-K713 B 3.15445 04/25/2046 US 111,988.18 $112,177.22
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 26,880.49 $27,149.29
30286XAN9 FREMF 2015-K43 B FLT 3.73399 02/25/2048 US 333,272.43 $341,172.18
30291EAE4 FREMF 2013-K712 B FLT 3.34978 05/25/2045 US 139,254.47 $139,210.46
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,728,882.05 $53,401.17
30291XAE2 FREMF 2014-K715 B FLT 3.97199 02/25/2046 US 98,857.01 $100,709.78
30292HAU0 FREMF 2014- K503 B 2.98314 10/25/2047 US 70,612.15 $70,456.10
311900104 FASTENAL CO US FAST 101.02 $3,090.32
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 4,242.01 $4,764.19
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 14,471.43 $15,894.36
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 9,094.71 $9,971.72
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 31,822.7 $34,703.39
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 8,888.3 $9,671.70
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 8,949.32 $10,021.24
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 21,058.52 $23,658.47
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 21,989.98 $24,043.47
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 8,553.24 $9,327.44
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 26,251.01 $29,485.46
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,344.83 $1,390.49
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,599.55 $2,660.30
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,798 $1,850.23
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,497.32 $1,551.44
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,550.78 $2,634.60
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 263,515.28 $277,713.28
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 34,983.37 $38,080.22
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 39,251.37 $41,572.85
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 46,159.38 $48,922.38
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 27,831.93 $29,275.31
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 40,605.56 $42,998.35
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 302,649.08 $313,225.65
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 248,498.53 $262,676.58
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 58,346.2 $60,685.65
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 119,412.72 $126,082.48
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 872.23 $873.66
3134865 BARCLAYS PLC GB BARC LN 5,566.79 $10,491.10
3136AY6W8 FNA 2017-M15 A1 2.95932 09/25/2027 US 218,398.22 $224,862.31
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 144,166.71 $149,215.40
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 43,051.44 $47,207.98
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 56.77 $7,421.49
3137A2B34 FHMS K009 X1 FLT 1.26039 08/25/2020 US 1,781,771.22 $22,140.29
3137ADTK3 FHMS K014 X1 FLT 1.14912 04/25/2021 US 805,381.41 $14,992.82
3137AJMG6 FMHS K016 X1 FLT 1.47799 10/25/2021 US 588,021.08 $17,956.28
3137AME78 FHMS K017 X1 FLT 1.29785 12/25/2021 US 1,543,799.81 $41,751.91
3137AUPF0 FHMS K021 x1 FLT 1.43622 06/25/2022 US 2,109,033.33 $78,772.18
3137B3NB0 FHMS K030 X1 FLT 0.19234 04/25/2023 US 6,864,695.33 $47,026.60
3137B4GZ3 FHMS K032 X1 FLT 0.10076 05/25/2023 US 4,410,901.69 $18,812.50
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 173,654.69 $179,453.97
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 166,969.54 $174,069.22
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 32,242.04 $34,466.30
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 17,726.14 $18,945.66
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 81,283.17 $86,675.98
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 160,970.45 $172,096.02
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65000 01/01/2049 US 361,958.77 $402,536.43
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 424,274.47 $437,023.46
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 421,856.14 $437,458.51
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 77,726 $85,304.33
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 16,240.43 $17,835.06
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 52,518.54 $54,586.91
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 183,811.31 $187,692.53
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 62,942.89 $64,406.87
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 136,210.15 $141,235.08
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 151,029.05 $156,599.20
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 86,451.55 $89,642.52
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 78,383.29 $82,195.42
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 308,294.84 $322,951.64
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 168,078.01 $177,483.74
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 159,811.18 $168,754.83
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 118,260.91 $124,879.43
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 70,711.17 $74,690.20
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,915.81 $1,959.86
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 2,180.57 $2,229.11
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 14,343.31 $14,541.60
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 17,710.88 $17,959.13
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 30,287.92 $33,153.49
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 27,538.42 $30,917.27
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 26,956.47 $29,376.48
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 15,515.15 $16,981.37
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 541.94 $547.00
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 10,066.17 $10,220.44
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 109,882.25 $116,188.58
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 96,834.39 $102,564.06
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 112,551.8 $113,536.16
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 14,689.44 $16,493.86
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 8,052.33 $9,033.18
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912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,179,761.08 $1,278,934.75
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 1,463,087.87 $1,536,870.93
9128286B1 US TREASURY N/B 2.62500 02/15/2029 US 1,959,117.11 $2,041,384.73
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,642,451.69 $1,629,299.25
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,554,038.9 $1,512,941.86
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,512,786.71 $1,546,115.29
913017109 UNITED TECHNOLOGIES CORP US UTX 82.51 $10,420.50
91704F104 URBAN EDGE PROPERTIES US UE 967.99 $16,697.90
918204108 VF CORP US VFC 58.65 $4,801.95
91913Y100 VALERO ENERGY US VLO 62.92 $4,429.54
92189F106 MARKET VECTORS GOLD MINERS US 1,009.76 $21,800.74
92276F100 VENTAS INC US VTR 406.2 $26,118.94
92339V100 VEREIT INC US VER 2,613.58 $23,208.56
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 516,288.97 $624,376.22
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,774.72 $294,923.56
92553P201 VIACOM INC CL B US VIAB 79.09 $2,296.12
92826C839 VISA INC - CLASS A SHARES US V 5,970.27 $963,183.16
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 24,633.29 $23,985.43
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 47,130.05 $47,750.33
929042109 VORNADO REALTY TRUST US VNO 221 $14,636.84
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 18,824.93 $18,519.03
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 24.81 $24.78
93065PAA9 WBHT 2019-WBM A FLT 3.48963 12/15/2033 US 161,638.87 $160,684.96
931142103 WAL MART STORES US WMT 211.44 $21,448.19
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 111.8 $5,516.25
94106L109 WASTE MANAGEMENT INC US WM 57.43 $6,279.75
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 37,170.85 $36,520.36
948741103 WEINGARTEN REALTY INVESTORS US WRI 625.6 $17,641.80
949746101 WELLS FARGO COMPANY US WFC 378.14 $16,777.91
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 33,893.83 $34,418.60
95040Q104 WELLTOWER INC. US WELL 329.48 $26,760.37
958102105 WESTERN DIGITAL CORP US WDC 57.37 $2,135.37
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 89,544.37 $88,872.78
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 21,637.03 $21,424.33
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 292,158.84 $295,655.35
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 86,491.5 $86,753.12
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 108,060.49 $108,849.52
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 42,709.15 $41,269.86
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,527.62 $16,950.75
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 356.67 $15,766.93
B037JC2 NEXITY FR NXI FP 79.09 $3,487.08
B058TZ6 SAFRAN SA FR SAF FP 88 $11,545.77
B068DB9 SM INVESTMENTS CORP PH SM PM 452.35 $8,174.28
B07DRZ5 RECORDATI SPA IT REC IM 580.46 $23,977.61
B0C2CQ3 ENGIE FR ENGI FP 497.72 $6,938.87
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 890.29 $10,533.61
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 593.95 $39,659.36
B11ZRK9 LEGRAND SA FR LR FP 67.66 $4,548.54
B15C557 TOTAL SA FR FP FP 405.4 $21,018.90
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,460.8 $21,943.78
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,596.87 $9,655.18
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 276.9 $22,628.33
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 224.54 $10,415.31
B1XH026 VINCI SA FR DG FP 226.88 $22,373.30
B1Y9TB3 DANONE FR BN FP 634.35 $50,671.77
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 1,630.77 $10,042.73
B1YXBJ7 AIR LIQUIDE FR AI FP 111.89 $13,912.99
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 6,936.65 $4,853.97
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 639.49 $4,725.46
B3NB1P2 SUNCOR ENERGY INC CA SU CN 514.29 $15,848.11
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 336,584.08 $16,713.84
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 63,536.01 $48,867.63
B4JSTL6 WYNN MACAU LTD MO 1128 HK 6,732.31 $14,384.33
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 548,412.07 $26,954.49
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 6,304.97 $9,742.70
B4R2R50 JULIUS BAER CH BAER SW 261.33 $10,301.11
B4YN9R2 SINGAPORE GOVERNMENT 2.50000 06/01/2019 SG 113,846.49 $82,875.72
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,253.67 $14,745.19
B5VJH76 BDO UNIBANK INC PH BDO PM 3,165.14 $8,379.65
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 765,765.12 $39,061.20
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 961.77 $9,993.23
B63QM77 NEXON CO LTD JP 3659 JP 3,030.67 $44,952.56
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 178,058.06 $8,822.34
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,892.72 $3,331.27
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 3,911.27 $10,553.21
B92RW83 LT GROUP INC PH LTG PM 11,136.85 $3,189.83
BB22L96 KION GROUP AG DE KGX GR 141.41 $7,691.39
BBG00JQ6ZYX7 BKNG US 06/21/19 P1650 US -1.22 -$4,451.16
BBG00KT3R5C3 MDT US 06/21/19 P82.5 IE -25.45 -$381.81
BBG00NWQ17B7 DLTR US 5/31/19 P90 US -35.28 -$176.38
BBG00NYKM5H3 RAMP US 06/21/19 P50 US -41.95 -$5,243.50
BBG00P3GM1T7 ATVI US 06/28/19 P40 US -51.83 -$2,902.25
BBG00P3LNW08 EA US 06/14/19 P88 US -23.73 -$2,539.07
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 317.23 $6,842.71
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 642.41 $7,112.12
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 17,093.57 $6,805.51
BD4TZK8 OCI NV NL OCI NA 173.47 $3,928.10
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 990.79 $11,351.51
BD9Y9B7 BASIC-FIT NV NL BFIT NA 346.08 $11,250.91
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 17,845.12 $9,320.30
BDZV116 EPIROC AB-A SE EPIA SS 272.71 $2,536.24
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 784.38 $23,014.12
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 2,350.51 $3,289.57
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 7,695.15 $11,743.08
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 19,529.9 $15,444.67
BJ2KSG2 AKZO NOBEL NL AKZA NA 321.13 $27,048.34
BJT1GR5 ALCON INC CH ALC SW 195.97 $11,397.20
BMJ6DW5 INFORMA PLC GB INF LN 2,196.94 $21,532.38
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 21,876.51 $912,199.08
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,994.41 $8,873.09
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,670.57 $17,261.42
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 13,678.37 $365,280.62
BSQXJ01 THULE GROUP AB/THE SE THULE SS 802.94 $18,268.85
BSS7GP5 AGL ENERGY LTD AU AGL AU 1,486.1 $21,136.64
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 28,788.92 $11,755.82
BYXS699 QIAGEN N.V. NL QIA GR 403.49 $15,362.65
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,866.28 $802,473.10
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 3,299.22 $17,364.94
BYZR014 AMUNDI SA FR AMUN FP 107.87 $6,989.84
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 299.6 $9,892.93
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 421.8 $23,367.78
G27358103 DESPEGAR.COM CORP AR DESP 314.75 $3,776.95
G29183103 EATON CORP PLC US ETN 64.19 $4,781.83
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 45,422.97 $46,728.88
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 380.76 $6,785.18
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 121.77 $4,690.66
G5960L103 MEDTRONIC INC IE MDT 12,516.89 $1,158,813.69
G97822103 PERRIGO CO PLC IE PRGO 352.92 $14,829.84
H01301128 ALCON INC CH ALC 2,572.44 $149,664.74
H1467J104 CHUBB LTD CH CB 39.32 $5,743.85
H8817H100 TRANSOCEAN LTD US RIG 16,508.67 $102,353.76
N22717107 CORE LABORATORIES N.V. NL CLB 168.12 $8,009.41
N47279109 INTERXION HOLDING NV NL INXN 7,844.79 $578,239.76
N53745100 LYONDELLBASELL INDU-CL A US LYB 58.8 $4,365.60
N72482123 QIAGEN N.V. ADR NL QGEN 229.94 $8,755.95
USD US DOLLAR US 94,426.7 $94,426.70

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$15.79

Daily $ Change

$0.02

Daily % Change

0.13%

as of 06/24/2019

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 05/31/2019

YTD

8.43%

1 Year

4.22%

3 Year

6.10%

5 Year

3.20%

10 Year

8.12%

Inception
(01/01/2000)

6.55%

US Stock Market Cycle (04/01/2000 - 05/31/2019)

6.68%

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 05/31/2019

TREASURY NOTES 8.97%
TREASURY BONDS 8.02%
GOVERNMENT AGENCY 7.33%
TREASURY BILLS 3.08%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.20%
MICROSOFT CORP 1.65%
MEDTRONIC INC 1.57%
NOVARTIS AG- REG 1.46%
MASTERCARD INC-CLASS A 1.37%
VISA INC - CLASS A SHARES 1.30%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2019

Bonds
59.41%
Stocks
40.45%
Cash
0.14%

Detailed Asset Class Allocation

As of 05/31/2019

International Equities
15.94%
Small Capitalization
0.41%
Mid Capitalization
1.06%
Large Capitalization
23.04%
Long Term Fixed Income
21.49%
Intermediate Term Fixed Income
25.30%
Short Term Fixed Income
12.62%
Cash
0.14%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

May Fund Holdings

As of 05/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 14,048.09 $14,188.57
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 359,624.34 $374,772.88
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 664,331.44 $662,411.52
00287Y109 ABBVIE INC US ABBV 153.97 $11,811.22
004239109 ACADIA REALTY TRUST US AKR 248.81 $6,805.06
00507V109 ACTIVISION INC US ATVI 9,267.65 $401,938.00
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 394,989.83 $407,515.77
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 2,236.91 $15,778.81
008492100 AGREE REALTY CORP US ADC 153.92 $10,304.63
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 210,634.55 $214,041.75
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 57.52 $8,421.31
01609W102 ALIBABA GROUP - ADR CN BABA 123.9 $18,493.91
020002101 ALLSTATE CORPORATION US ALL 36.77 $3,512.22
02079K107 ALPHABET INC-CL C US GOOG 551.5 $608,653.04
02079K305 ALPHABET INC-CL A US GOOGL 545.78 $603,903.93
023135106 AMAZON.COM INC US AMZN 151.07 $268,154.33
02319V103 AMBEV SA-ADR BR ABEV 72,034.22 $321,992.97
0237400 DIAGEO PLC GB DGE LN 17,595.4 $740,092.10
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 82,507.93 $82,817.34
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 244.79 $11,338.49
0263494 BAE SYSTEMS PLC GB BA/ LN 3,417.21 $19,535.72
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,523.55 $37,189.76
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 22,852.71 $22,167.13
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 25,848.97 $26,101.31
03027X100 AMERICAN TOWER REIT INC US AMT 1,814.82 $378,879.21
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 9,344.29 $9,435.72
03064D108 AMERICOLD REALTY TRUST US COLD 233.17 $7,298.20
031162100 AMGEN INC US AMGN 68.2 $11,369.74
03748R754 APARTMENT INVT & MGMT CO -A US AIV 454.12 $22,683.43
03784Y200 APPLE HOSPITALITY REIT INC US APLE 433.55 $6,694.04
038222105 APPLIED MATERIALS INC US AMAT 102.95 $3,983.31
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 72.12 $2,763.72
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,027.78 $3,866.67
0405207 HALMA PLC GB HLMA LN 515.42 $11,810.11
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 7,490.66 $7,003.77
0490656 KERRY GROUP PLC-A IE KYGA LN 209.45 $24,100.27
05278C107 AUTOHOME INC-ADR CN ATHM 192.49 $16,534.62
053484101 AVALONBAY COMMUNITIES INC US AVB 266.62 $54,126.45
054937107 BB&T CORP US BBT 77.11 $3,604.79
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 373,293.94 $378,581.16
05722G100 BAKER HUGHES A GE CO US BHGE 125.99 $2,697.42
060505104 BANK OF AMERICA CORP US BAC 504.95 $13,431.68
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 559,341.68 $577,345.87
0673123 ASSOCIATED BRITISH FOODS PLC GB ABF LN 685.98 $21,381.15
0682538 PERSIMMON PLC GB PSN LN 636.87 $15,842.36
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,939.93 $777,821.68
086516101 BEST BUY INC US BBY 49.8 $3,120.95
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 27,892.78 $20,161.07
0878230 TAYLOR WIMPEY PLC GB TW/ LN 7,561.93 $15,799.50
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,370.81 $277,215.49
0922320 SMITH & NEPHEW PLC GB SN/ LN 1,115.65 $23,438.53
09247X101 BLACKROCK INC US BLK 363.88 $151,212.31
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,467.37 $27,133.14
097023105 BOEING CO US BA 47.1 $16,090.05
09857L108 BOOKING HOLDINGS INC US BKNG 523.88 $867,666.87
101121101 BOSTON PROPERTIES INC US BXP 300.25 $39,282.24
105368203 BRANDYWINE REALTY TRUST US BDN 1,996.88 $30,172.92
110122108 BRISTOL MYERS SQUIBB CO US BMY 169.94 $7,710.23
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 237 $8,216.84
11134LAB5 BROADCOM CRP / CAYMN FI 2.37500 01/15/2020 US 378,315.51 $377,285.72
11135F101 BROADCOM INC US AVGO 37.9 $9,536.68
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 19,291.55 $17,314.16
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,878.44 $312,425.60
12510GAB8 CCG 2019-1 A2 2.80000 09/14/2026 US 154,216.94 $155,155.75
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 33.62 $2,677.54
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 82,365.08 $84,930.97
12572Q105 CME GROUP INC US CME 1,682.27 $323,197.32
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 335,964.54 $352,337.17
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 370,086.49 $369,623.88
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 177,314.62 $188,066.34
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 391,958.63 $403,596.98
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 132,958.96 $128,681.68
126650100 CVS HEALTH CORP US CVS 140.23 $7,344.03
133131102 CAMDEN PROPERTY TRUST US CPT 73.45 $7,591.34
13321L108 CAMECO CORP CA CCJ 1,287.03 $12,986.12
149123101 CATERPILLAR INC US CAT 58.14 $6,965.78
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 5,507.54 $5,492.62
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 143,447.87 $143,676.37
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 24,817.46 $24,197.02
156504AJ1 CENTURY COMMUNITIES 6.75000 06/01/2027 US 16,577.73 $16,324.09
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 220,630.81 $219,290.14
165240102 CHESAPEAKE LODGING TRUST US CHSP 357.58 $10,287.47
166764100 CHEVRON CORP US CVX 119.22 $13,573.51
17275R102 CISCO SYSTEMS INC US CSCO 351.93 $18,311.10
172967424 CITIGROUP INC US C 147.56 $9,170.99
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 199,177.22 $307,734.65
191216100 COCA COLA CO/THE US KO 12,643.01 $621,150.90
194162103 COLGATE-PALMOLIVE CO US CL 106.82 $7,436.47
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 391.53 $24,028.94
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 525.75 $20,572.54
205887102 CONAGRA BRAND INC. US CAG 81.94 $2,193.63
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N72482123 QIAGEN N.V. ADR NL QGEN 229.94 $8,755.95
USD US DOLLAR US 94,426.7 $94,426.70

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund i